Thursday, August 11 2022

The Reserve Bank has named Dr. Bradley Jones as Deputy Governor.

The Reserve Bank of Australia said it had considered a “competitive field of internal and external candidates” for the post of deputy governor (financial system) following Michele Bullock’s promotion to deputy governor.

Ms. Bullock took over as deputy governor (financial system) in April, replacing former deputy governor Guy Debelle, marking the first female deputy governor in its 62-year history.

In his new position, Dr. Jones will oversee the Reserve Bank’s work on financial system stability and its role in overseeing and regulating the payments system.

Dr Jones joined the Reserve Bank in 2018 as head of the international department and most recently served as head of the economic analysis department, following a five-year stint in Washington DC with the International Monetary Fund (IMF) .

At the IMF, he worked in the Monetary and Capital Markets Department where he was responsible for researching and leading assignments in the areas of financial stability and central bank asset-liability management.

Previously, he spent approximately nine years in macro research and global macro trading responsibilities within Deutsche Bank’s Global Markets businesses in London and Hong Kong.

Dr Jones holds a PhD in Finance from Macquarie University, was a five-year Fellow of the University of Cambridge Judge Business School and has published extensively on a wide range of stability-related topics finance, monetary policy and international financial markets.

He is also a graduate of the Australian Institute of Company Directors and a signatory of the Banking and Finance Oath.

RBA eyes rate hike of 25 or 50 basis points

During a speech at the American Chamber of Commerce in Australia on Tuesday (June 21), RBA Governor Philip Lowe said the Reserve Bank was considering raising the cash rate by 25 or 50 basis points for July. , due to inflation which is now expected to peak around 7 percent in December.

In early May, the central bank expected inflation to peak at 6% by the end of the year.

Governor Lowe said they decided to increase the hike by 50bp because interest rates remained very low for an economy with high inflation.

The governor added that he expects a similar discussion to take place next month, as the minutes confirmed that there are more steps to come over the coming months.

“We’re not, as I said in my prepared remarks, we’re not on a set path,” he said.

“We will look at the data we have each month and the level of interest rates and inflation. But I expect next month we will have the same discussion at our board meeting: 25 or 50.”

[Related: RBA names next deputy governor]

RBA appoints Deputy Governor

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Last update: June 22, 2022

Posted: June 23, 2022

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